Housing Is the Wild Card in a Rising Economy

To sustain 4% annualized growth, the sector will have to grow more robustly. Yearly jobs trend explodes the myth of declining full-time employment.

The spring awakening telegraphed by monthly economic data in the April to June quarter got codified last week by the report on GDP growth. But while hope springs eternal that the year's second half will keep the momentum, much depends on whether the housing market emerges from its persistent partial hibernation.

Real gross domestic product in the April to June quarter grew at an average annual rate of 4%, the third time quarterly growth had printed at 4% or better since the expansion began in mid-2009. The spring-forward...